A 18 On June 1, Michael Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours, Using straight-line depreciation, determine which of the following is the proper adjusting journal entry for the second year $15,000 Depreciation Expense Accumulated Depreciation $15,000 $12,500 Accumulated Depreciation Depreciation Expense $12.500 $30,000 Depreciation Expense Accumulated Depreciation $30,000 $40,000 Equipment Expense Accumulated Depreciation $40,000